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Femsa announces double-digit growth
By Shaun Weston
12 February 2010
Categories
Beverage
Business
Financial
Fourth quarter highlights
Consolidated total revenues and income from operations grew 19.8% and 21.5% respectively, compared to the fourth quarter 2008. In spite of a challenging economic environment, Femsa again delivered a quarter of strong growth in revenues and income from operations, mainly driven by double-digit performance at Coca-Cola Femsa and Femsa Comercio.
Coca-Cola femsa total revenues and income from operations increased 27.6% and 19.1% respectively, driven by double-digit income from operations growth in Latincentro and Mercosur operations.
Femsa Cerveza total revenues increased 7.6%. Top-line growth mainly due to higher price per hectoliter in Mexican pesos, combined with operating expense containment offsetting raw material cost pressures due to year-over-year increases, resulting in growth of 8.6% in income from operations.
Femsa Comercio continued its pace of strong growth and margin expansion. Income from operations increased 45.3%, resulting in an operating margin expansion of 240 basis points to reach an all-time high of 11.7% during Q409.
2009 Full year highlights
Consolidated total revenues increased 17.3%. All operating units contributed to this top-line growth.
Consolidated income from operations increased 19.1%, driven by double-digit growth at Coca-Cola Femsa and Femsa Comercio.
Coca-Cola Femsa total revenue and income from operations increased 23.9% and 15.6%, respectively. Strong growth in Latincentro and Mercosur, as well as more tempered growth in Mexico drove these results.
Femsa Cerveza total revenues increased 9.3%, mainly as a result of increases in average price per hectoliter across all our operations in local currencies. Income from operations increased 9.3%, as a result of top-line growth combined with operating expense containment offsetting continued raw material cost pressures.
Femsa Comercio income from operations increased 44.8%, reaching an all-time-high operating margin of 8.3% and resulting in 180 basis points of expansion. For the 8th consecutive year, income from operations increased over 25%, driven by the opening of 960 new stores during the year and a 1.3% increase in same store sales.
Ordinary dividend of Ps 2.600bn proposed by Femsa’s board of directors, to be paid in 2010 and subject to approval at the annual shareholders meeting in April, 2010, representing a 60% increase over the prior year.
Source: Femsa
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